Skip to content

Are savings accounts really checking accounts?

Answered by: 

Question: 
Do we have to change our Savings Deposits?
Answer: 

Regulation D has eliminated the rule on convenience transfers. So for federal reserve purposes there is very little difference between the two. We have zero reserves at this time. However, you may not want to rush into changing these without thinking through all the issues—Regulation CC being one of importance if you can make unlimited payments to a third party.

-----------------------------

Learn more about Deborah Crawford’s webinar Alert! Deposit Regulatory Update for Second Quarter

First published on 06/14/2020

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics